The Biden administration’s announcement that up to $20,000 in student loan debt will be canceled for borrowers will bring welcome relief to millions, as long as courts allow. But that relief won’t do anything to slow the rapidly rising cost of going to college.
In the 1963-1964 academic year, the average annual published cost of in-state tuition and fees was $243 at public four-year institutions, and $1,011 at private four-year institutions, according to National Center for Education Statistics data. That excludes room and board.
